Originally Posted by
rasheed
On the first point, Apple does get the same transaction level data you see on your transaction statements, but in some categories, it gets more like to/from for flights, hotel stay dates, etc. But item level data is not common although there are thoughts that some issuers like AmEx can get transaction level data, but only if the POS is setup as such.
On the second item, the big four card networks will readily admit that they were forced to create partnerships with Apple and pay a fee on every transaction. Perhaps fraud is lower than on regular card transactions, but Apple is not bypassing anything except for those who are using the Apple Card at Apple direct e-commerce or stores.
So you are saying that Apple Pay would still have to pass the transaction down through Visa/Mastercard networks as if I paid with a physical card and that Apple Pay is essentially a middleman that just adds extra protection for the transaction (because no one can use my iPhone w/out Face ID or fingerprinting).